MKTG 3310 EXAM 1 QUESTIONS AND
ANSWERS GRADED A+ 2026
Marketing - ANS creating, communicating, delivering, and exchanging offerings that benefit
its customers, the organization, its shareholders and society
2 objectives to serve buyers/sellers - ANS 1) discover needs and wants of prospective
customers
2) satisfy them
exchange - ANS trade of valuable things between buyer and seller so that each is better off
after trade
4 factors needed for marketing to occur - ANS 1) 2+ parties with unsatisfied needs
2) their desire and ability to be satisfied
3) communication between parties
4) something to exchange
market - ANS people with both the desire and the ability to buy a specific offering
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, target market - ANS potential consumers in which an organization directs its marketing
program
the 4 P's - ANS PRODUCT (good, service, or idea to satisfy customer needs)
PRICE (what is exchanged for product)
PROMOTION (communication between seller and buyer)
PLACE (getting product to consumer)
marketing mix - ANS the marketing managers controllable factors (4 P's) that can be used to
solve a marketing problem
environmental forces (5) - ANS 1) social
2) economical
3) technological
4) competitive
5) regulatory forces
Evolution of market orientation- 4 stages - ANS 1) Production era (1920s, scarce goods)
2) Sales era (1920s-1960s, produced more goods than buyers could consume, competition grew,
more salespeople hired)
3) Marketing concept era (1950s, focused on satisfying consumer needs while also trying to
achieve organization's goals)
4) Customer relationship era (1980s, firms continued to satisfy high expectations of customers)
marketing concept - ANS idea that an organization should (1) strive to satisfy the needs of
consumers (2) while trying to achieve the organizations goals
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
ANSWERS GRADED A+ 2026
Marketing - ANS creating, communicating, delivering, and exchanging offerings that benefit
its customers, the organization, its shareholders and society
2 objectives to serve buyers/sellers - ANS 1) discover needs and wants of prospective
customers
2) satisfy them
exchange - ANS trade of valuable things between buyer and seller so that each is better off
after trade
4 factors needed for marketing to occur - ANS 1) 2+ parties with unsatisfied needs
2) their desire and ability to be satisfied
3) communication between parties
4) something to exchange
market - ANS people with both the desire and the ability to buy a specific offering
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, target market - ANS potential consumers in which an organization directs its marketing
program
the 4 P's - ANS PRODUCT (good, service, or idea to satisfy customer needs)
PRICE (what is exchanged for product)
PROMOTION (communication between seller and buyer)
PLACE (getting product to consumer)
marketing mix - ANS the marketing managers controllable factors (4 P's) that can be used to
solve a marketing problem
environmental forces (5) - ANS 1) social
2) economical
3) technological
4) competitive
5) regulatory forces
Evolution of market orientation- 4 stages - ANS 1) Production era (1920s, scarce goods)
2) Sales era (1920s-1960s, produced more goods than buyers could consume, competition grew,
more salespeople hired)
3) Marketing concept era (1950s, focused on satisfying consumer needs while also trying to
achieve organization's goals)
4) Customer relationship era (1980s, firms continued to satisfy high expectations of customers)
marketing concept - ANS idea that an organization should (1) strive to satisfy the needs of
consumers (2) while trying to achieve the organizations goals
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
